April 26, 2013 |
Owners of Southern California small businesses are mixed on the state of the economy, according to data released Thursday. About 42% said the economy was recovering, and 48% said the nation was still in a recession, according to the U.S. Bank Small Business Annual Survey. More than two-thirds of the business owners said they were unlikely to make a capital expenditure in the next year. In Southern California, 64% of respondents characterized their financial health as “good,” and 46% said they expect higher revenues in the next year.
April 25, 2009 |
Regulators shut down the First Bank of Beverly Hills on Friday, saying they could find no buyer for the one-branch institution after a takeover by an Illinois financial firm fell through. The Federal Deposit Insurance Corp. said it would send checks to insured depositors of the bank, which despite its name had been based in Calabasas. At year-end, the bank had about $1 billion in deposits, many of them from out of state, of which an estimated $179,000 were uninsured.
June 7, 2001 |
Bank of America Corp., the largest U.S. bank by deposits, said it plans to exit equities and merger and acquisition advisory businesses in as many as 12 emerging markets to focus on more profitable debt operations. The changes will affect about 100 staff and will span Singapore, Hong Kong and India in Asia as well as markets in Eastern Europe and Latin America.
November 8, 2000 |
Bank One Corp., the No. 4 U.S. bank holding company, named Philip Heasley, a former U.S. Bancorp president, to run its troubled First USA credit card operation. Heasley, 51, will become chairman and chief executive of First USA on Jan. 1, succeeding William Boardman, 59, who will retire in mid-2001. First USA, the third-largest credit card issuer with 53.6 million cardholders, has been a sore spot for Chicago-based Bank One for more than a year.
April 6, 2004 |
Bank of America Corp., the nation's No. 2 bank, said Monday that it planned to cut 12,500 jobs over the next two years as a result of its $48-billion purchase of FleetBoston Financial Corp. The cuts amount to about 7% of the combined banks' workforce of more than 180,000. Bank of America said about 30% of the cuts would be through attrition.
December 22, 1999 |
Bank One Corp. Chairman and Chief Executive John B. McCoy, who built the fifth-largest U.S. bank through acquisitions, resigned Tuesday after his purchase of a credit-card company backfired, hurting profit and cutting the bank's stock by almost half in four months. Bank One stock rose nearly 11% after the bank said it's seeking a replacement for McCoy, 56, ending the dynasty that ran the bank for three generations, starting with McCoy's grandfather.
August 2, 2007 |
Biola University in La Mirada has sued Bank of America Corp. and BNP Paribas, saying the banks conspired to overcharge the Christian school for $84.2 million of derivatives. In its suit filed Tuesday in U.S. District Court in Los Angeles, Biola said the banks misled it into believing that it paid a fair price for four derivatives it bought in 2002 and 2004. The contracts were tied to tax-exempt bonds the college sold. Bank of America, the second-biggest U.S.
November 23, 2006 |
JPMorgan Chase & Co., the third-biggest U.S. bank, agreed to pay $2.2 million to settle claims that the company's Bank One unit discriminated against hundreds of employees on long-term medical leave, the government said Wednesday. The U.S. Equal Employment Opportunity Commission claimed Bank One, which JPMorgan acquired in 2004, violated the Americans With Disabilities Act by failing to properly accommodate employees whose medical leaves exceeded six months.
April 21, 1991
Maybe, just maybe, the American dream is not dead for the urban poor in California and Massachusetts. Hard work may still mean a chance to own a home or business, now that two major banks have committed billions of dollars in loan programs to help minority and low-income residents. The commitments from Bank of America and the Bank of Boston are commendable, but they are not altruistic--just good business.